Wells Fargo CEO warns of more trouble

SAN FRANCISCO — The battering Wells Fargo & Co. has taken over the past year from multiple scandals in its consumer operations might not be finished, Chief Executive Officer Tim Sloan said Tuesday.

“We’ve been very focused on opening every drawer and turning over every rock in the company,” Sloan said at an investor conference in New York sponsored by Barclays PLC, where many of the questions focused on recent damage to the bank’s reputation. “I can’t promise you that it’s exactly over with.”

Sloan said new issues could be found by consultants the San Francisco-based lender hired to review business units outside the retail bank, where a sales scandal broke out a year ago. While Wells Fargo will spend an “elevated” amount on consultants during the third quarter, those expenses should moderate during the final quarter of 2017, according to a presentation on the bank’s website. The lender previously said it was spending between $70 million and $80 million per quarter.

Wells Fargo remains in hot water with customers and politicians over its fake accounts scandal after revealing two weeks ago that possibly a million more customers were affected than earlier estimated. The lender is also facing legal backlash from borrowers who said they were charged fees for the bank to lock in promised rates on new mortgages, and others who were hurt by its autolending division billing for unwanted car insurance.